Despite the many gloomy headlines about the decline of traditional jewelers, the business remains strong for those who focus on service and quality. These retailers know that they have to offer a unique experience that customers can’t find online, and that the right staff, inventory, and marketing will help them thrive.
A retail jeweler needs to work with a supplier that has quality jewelry and the ability to meet a minimum order quantity (MOQ). Then they must keep an eye on fashion trends to see what styles their clients are interested in purchasing. They also need to be able to get their hands on new jewelry quickly in order to meet demand.
Jewelers who have a good relationship with their suppliers can often purchase jewelry at a lower wholesale price. This helps them save money and make more profit. They can use their savings to invest in other parts of their business. For example, they may put more money into ecommerce or advertising.
The best way for a jewelry store to differentiate itself from competition is through its brand. This includes the name of the store, logo, website, and marketing materials. A well-designed website can increase traffic and sales, while a unique logo can attract consumers. Jewelers can also promote their brand by creating exclusive lines of jewelry with celebrities or designers. For example, Sterling Jewelers has a Jane Seymour collection and JCPenney has a line of costume jewelry with the Smithsonian.
Some traditional jewelers are family businesses that have been passed down through generations. Others are independent and locally owned. Many of these stores have a rich heritage and history that consumers look up to. These stories add to the consumer’s trust in the jeweler and encourage repeat business.
Another way that a jeweler can distinguish itself is by being certified by a reputable organization. For instance, the Jewelers of America is an association that certifies jewelry businesses and provides dispute resolution services to its members. A retailer that is certified by this organization will have the right to display the BBB’s A+ rating in and around its store, which can improve customer confidence and ultimately boost sales.
Unlike online-only stores, traditional jewelry stores are full of employees who greet customers, answer questions, and show them the product. These employees can help the customer understand and appreciate the craftsmanship of each piece of jewelry. They can also advise the customer on maintenance and care for their jewelry.
Many traditional jewelry stores are located in high-rent areas of malls or shopping centers. These spaces are expensive to rent and require a lot of furniture, fixtures, and displays. In addition, jewelers need to maintain an adequate number of salespeople to cover unpredictable fluctuations in customer traffic throughout the day.
